In the following Gorfine, Schiller & Gardyn podcast, Scott Rodgville, a Director at GSG, and Mike Schiller, a Manager at GSG, discuss key nuances around the opportunities and challenges in nonprofit accounting, as well as provide insights around forensic accounting in the nonprofit arena.
In the nonprofit arena, effectively managing resources is both a key priority and challenge. When it comes to accounting, nonprofits are also confronted with categorizing donations, and differentiating between income and profit.
In addition, forensic audits often come into play when an organization believes that there’s fraud happening. The lack of financial resources can cause nonprofit directors to classify their employees as independent contractors to avoid payroll taxes.
Here are some key highlights from this interview:
- The major obstacles/challenges in nonprofit accounting. (:30)
- Common issues in categorizing donations, and the difference between income and profit. (2:50)
- What nonprofit directors should know when it comes to audits and forensic accounting. (6:50)
- Why nonprofits should not misclassify their employees and independent contractors. (7:37)
- About the fraud triangle and what nonprofits needs to know. (10:00)
- Why it’s important to have accounting expertise on nonprofit boards. (12:44)
We would like to thank Scott and Mike for sharing their insights! Watch our on-demand webinar on accounting basics that every nonprofit team member should know.
In addition, please contact GSG here to learn more about GSG’s nonprofit audit and accounting services.
Categories: Podcast, Not-for-Profit, Audit & Accounting
